TAILIEUCHUNG - THE ECONOMIC IMPACT OF GENERAL OBLIGATION BONDS FOR AFFORDABLE HOUSING IN AUSTIN

Civic Economics and HousingWorks are pleased to present this analysis of the economic impact of General Obligation Bonds issued since 2006 to support affordable housing. Background In 2006, 63% of Austin voters supported the issuance of $55 million in general obligation bonds to support the development of affordable housing in the city. Just short of $50 million has been expended and leveraged to obtain an additional $177 million in development expenditures, for a total expenditure in the city of $226 million. These funds have been used to develop or rehabilitate 3,055 housing units, of which 2,242 are designated to provide deeply affordable. | ECONOMICS CREATIVITY OPPORTUNITY PROSPERITY n Housingworks AUSTIN THE ECONOMIC IMPACT OF GENERAL OBLIGATION BONDS FOR AFFORDABLE HOUSING IN AUSTIN May 2012 THE ECONOMIC IMPACT OF GENERAL OBLIGATION BONDS FOR AFFORDABLE HOUSING MAY 2012 INTRODUCTION Civic Economics and Housingworks are pleased to present this analysis of the economic impact of General Obligation Bonds issued since 2006 to support affordable housing. Background In 2006 63 of Austin voters supported the issuance of 55 million in general obligation bonds to support the development of affordable housing in the city. Just short of 50 million has been expended and leveraged to obtain an additional 177 million in development expenditures for a total expenditure in the city of 226 million. These funds have been used to develop or rehabilitate 3 055 housing units of which 2 242 are designated to provide deeply affordable housing for Austinites. HousingWorks an Austin non-profit that advocates for affordable housing retained Civic Economics to analyze the economic impact of the 2006 commitment and to consider the prospective impact of another round of bonds to be issued in 2012. Summary of Findings The construction of housing made possible by the 2006 bond funds has produced an economic impact in the City of Austin approaching 350 million in today s dollars. When the remaining funds are expended in the coming years total construction impacts will reach 384 million assuming comparable leverage. Operating and maintaining these housing units produces an annual economic impact in the City of Austin of million in today s dollars. When the remaining funds are expended in the coming years these annual impacts will reach million. Over just ten years these operations will produce a total economic impact of 420 million. Any new bonds issued in the upcoming round of general obligation bonds would be expected to produce similar impacts. Thus should the amount issued double the 2006 amount impacts would also be

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